Figure 4
All panels share a horizontal axis ranging from 2 to 12 in increments of 2. Each panel contains a solid response curve, two dashed confidence interval bounds, and a horizontal red reference line at 0. In panel (a), the vertical axis is labeled “E R” and ranges from negative 0.0 to 0.8 in increments of 0.2. The response starts near 0.62 at period 1, declines sharply by period 2, rises briefly near 0.28 around period 3, and then gradually decreases toward 0 by period 13. The confidence interval is widest near the beginning and narrows steadily over time. In panel (b), the vertical axis is labeled “R I N T” and ranges from negative 0.001 to 0.003 in increments of 0.001. The response fluctuates slightly above and below 0.001 during early periods, with small peaks near approximately 0.0017 around period 3. After period 6, the response gradually approaches zero. The dashed confidence bounds narrow over time. In panel (c), the vertical axis is labeled “R I N F” and ranges from negative 0.004 to 0.008 in increments of 0.004. The response starts near 0.0044 at period 1, declines rapidly below zero around period 3, rebounds slightly positive near period 4, and then oscillates close to zero for later periods. The confidence intervals are largest at early periods and narrow toward the end. Note: All numerical values are approximated.Orthogonal IRF from ER with 95% bootstrap CI based on 200 runs. Source: Authors’ own work